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The money flowing into Non-Resident Indians’ (NRIs’) deposits rose by 84.4 per cent to $11.8 billion in April 2023-February 2024, from $6.40 billion in the same period a year ago. The maximum flows came into Foreign Currency Non-Resident (FCNR) accounts.
The amount of money that came into FCNR accounts was $5.53 billion in the April 2023-February 2024 period, compared to an inflow of $1.48 billion in the previous year period (April 2022-February 2023), according to data from the Reserve Bank of India (RBI).
Outstanding NRI deposits rose by $1.99 billion to $149.72 billion at the end of February 2024, up from $147.73 billion in January 2024. As for the annual trend, NRI deposits grew from $135.54 billion at the end of February 2023.
FCNR deposits were at $24.90 billion in February 2024, up from $23.51 billion in January 2024. This was higher than the $18.40 billion at the end of January 2023.
Non-Resident External (NRE) deposits were at $97.68 billion in February 2024, up from $97.46 billion in January 2024 and $94.13 billion at the end of February 2023.
Non-Resident Ordinary (NRO) deposits rose to $27.14 billion in February 2024, up from $26.74 billion in January 2024 and $23.0 billion a year ago.
